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That this House notes with great concern the slow administration of Hartley Pensions Ltd; further notes that this is causing considerable financial stress and hardship for the many pension holders who are still waiting for the transfer of their pension; also notes that administrators UHY Hacker Young have successfully applied for an extension three times, with administration now set to run until July 2027, and that further extensions are possible; notes the Financial Conduct Authority's (FCA) warning notices alleging that Hartley improperly put its interests above those of pension holders, provided false and misleading information to the regulator, and withdrew substantial amounts of customers' pension funds without their consent and for an individual's own financial benefit; further notes that as of October 2025 only 2,636 of 6,000 clients contacted had been transferred to another provider; and calls on the Government to work with the FCA to conclude enforcement proceedings swiftly, accelerate the transfer of remaining pension holders, and review the regulatory framework for self-invested personal pension operators to prevent a recurrence of such harm.
That this House notes with great concern the slow administration of Hartley Pensions Ltd; further notes that this is causing considerable financial stress and hardship for the many pension holders who are still waiting for the transfer of their pension; also notes that administrators UHY Hacker Young have successfully applied...
To ask the Secretary of State for Work and Pensions, when he expects to receive the report on personal pension savings from the Pensions Commission.
To ask the Secretary of State for Work and Pensions, when he expects to receive the report on personal pension savings from the Pensions Commission.
The Pensions Commission published their interim report on 19 May outlining the challenges in the pensions system. The report is publicly available on gov.uk alongside a supporting evidence pack. The Commission will set out its policy recommendations to address these challenges in a final report in early 2027.
Among G7 countries, Britain has the lowest share of household financial assets in stocks and shares. New legislation has been implemented to change this.
Among G7 countries, Britain has the lowest share of household financial assets in stocks and shares. New legislation has been implemented to change this.
To ask the Chancellor of the Exchequer, whether she has considered the potential merits of making farmers with land in a Self-Invested Personal Pension eligible for Agricultural Property Relief.
To ask the Chancellor of the Exchequer, whether she has considered the potential merits of making farmers with land in a Self-Invested Personal Pension eligible for Agricultural Property Relief.
Assets do not qualify for agricultural property relief or business property relief when held within a pension. This is because the pension member is not treated for inheritance tax purposes as beneficially entitled to the underlying assets held by the pension scheme. This is consistent with the existing policy on the treatment of assets held by a pension scheme and there are no plans to make any changes.
To ask His Majesty's Government what steps they are taking to ensure that the respective regulatory responsibilities are clearly defined between investment platforms, independent financial advisers and Self-Invested Personal Pension operators under Financial Conduct Authority rules.
To ask His Majesty's Government what steps they are taking to ensure that the respective regulatory responsibilities are clearly defined between investment platforms, independent financial advisers and Self-Invested Personal Pension operators under Financial Conduct Authority rules.
The Government recently carried out a review of the Financial Ombudsman Service (FOS), and consulted on proposed changes to the statutory framework in which it operates. On 16 March, the Government published a response to its consultation on reforming the FOS, confirming it will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the FCA.
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the Financial Conduct Authority (FCA) and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this led to the FOS acting as a quasi-regulator.
The Government’s reforms will amend the ‘Fair and Reasonable’ test to require that, where firms have met their obligations under relevant FCA Rules, the FOS will be required to find that a firm has acted fairly and reasonably. They will also make clear that the FOS can only consider rules that were in force at the time of the act or omission giving rise to a complaint. These reforms require primary legislation, which the government will take forward when Parliamentary time allows.
Alongside the Government’s planned legislative changes, the FCA and FOS are currently consulting on changes to the Dispute Resolution (DISP) rules in the FCA’s Handbook, which also proposes changes to address industry concerns about the potential for retrospective interpretation of FCA rules and standards.
All FCA authorised firms are subject to the same core regulatory requirements. The FCA communicates to firms, for example through their “Approach to Supervision” publication, that different business models including investment platforms and SIPP providers create different risk and therefore there are different expectations of the firms. The FCA expects firms to understand these risks and mitigate against them. Where appropriate, the FCA will clarify their expectations of different firms. Firms must also meet additional requirements, either rules or guidance, set out by the FCA depending on the specific regulated activities and permissions a firm undertakes and holds.
Frequently asked questions (FAQs) about occupational and personal pensions
Frequently asked questions (FAQs) about occupational and personal pensions
To ask His Majesty's Government what assessment they have made of the impact of fintech investment platforms on competition, costs and investment choice in the self-invested personal pension market; and what steps they are taking to support innovation in digital pension products while maintaining appropriate regulatory safeguards.
To ask His Majesty's Government what assessment they have made of the impact of fintech investment platforms on competition, costs and investment choice in the self-invested personal pension market; and what steps they are taking to support innovation in digital pension products while maintaining appropriate regulatory safeguards.
The Government has not made a formal assessment of the impact of Fintech investment platforms on competition, costs and investment choice in the self-invested personal pensions (SIPPs) market.
The Financial Conduct Authority (FCA) is the regulator responsible for the SIPPs market. The FCA regularly reviews their relevant rules and regulations to ensure they are appropriate for the current market context. This includes supporting growth and innovation while maintaining appropriate regulatory safeguards to protect consumers.
As set out in the Government’s Financial Services Growth and Competitiveness Strategy, the UK aims to be the world’s most technologically advanced global financial centre, and to remain a leading jurisdiction for Fintech firms to start up, scale and list.
I assure the hon. and learned Member, who makes a valid point, that there are hardly any—very few, if any—of these types of goods and wholesale electricity companies in Northern Ireland that come close to the existing limits of the scheme, let alone the extended limits.
We are very clear about...
I assure the hon. and learned Member, who makes a valid point, that there are hardly any—very few, if any—of these types of goods and wholesale electricity companies in Northern Ireland that come close to the existing limits of the scheme, let alone the extended limits.
We are very clear about...
On a point of order, Madam Deputy Speaker. I would be grateful if you could confirm whether any points of order raised by Members of this House since this parliamentary Session began have actually been deemed to be points of order. If this is not the case, could you provide...
On a point of order, Madam Deputy Speaker. I would be grateful if you could confirm whether any points of order raised by Members of this House since this parliamentary Session began have actually been deemed to be points of order. If this is not the case, could you provide...
I beg to move, That the Bill be now read a Second time.
On 26 November, my right hon. Friend the Chancellor delivered her second Budget at this Dispatch Box. This was a Budget to build strong foundations and a secure future for our country, with no cuts to capital spending—which...
I beg to move, That the Bill be now read a Second time.
On 26 November, my right hon. Friend the Chancellor delivered her second Budget at this Dispatch Box. This was a Budget to build strong foundations and a secure future for our country, with no cuts to capital spending—which...
The Minister says that there will be no cut to capital budgets, but of course he is talking only about the public sector. Has he seen the CBI Economics research that suggests that there will be severe capital budget reductions in the private sector—the very sector that creates the wealth...
The Minister says that there will be no cut to capital budgets, but of course he is talking only about the public sector. Has he seen the CBI Economics research that suggests that there will be severe capital budget reductions in the private sector—the very sector that creates the wealth...
I am sure that the right hon. Gentleman will have read the Office for Budget Responsibility’s report—we had a bit of extra time to read it this year. He will know that according to that report, investment—both overall, whole-economy investment and private sector investment—has outpaced the OBR’s forecast from March...
I am sure that the right hon. Gentleman will have read the Office for Budget Responsibility’s report—we had a bit of extra time to read it this year. He will know that according to that report, investment—both overall, whole-economy investment and private sector investment—has outpaced the OBR’s forecast from March...
The Government have chosen to absolutely decimate family farms across the whole United Kingdom. The Prime Minister was questioned yesterday by members of the Liaison Committee, and he was told that farmers have said that they might be better off dying before this tax change comes in. I feel that...
The Government have chosen to absolutely decimate family farms across the whole United Kingdom. The Prime Minister was questioned yesterday by members of the Liaison Committee, and he was told that farmers have said that they might be better off dying before this tax change comes in. I feel that...
Thank you, Madam Deputy Speaker. I look forward to contributions from Members on both sides of the House on the various measures in the Finance Bill. On the point that the hon. Member raises, this Government considered really carefully the reforms that were announced at the Budget last year, and...
Thank you, Madam Deputy Speaker. I look forward to contributions from Members on both sides of the House on the various measures in the Finance Bill. On the point that the hon. Member raises, this Government considered really carefully the reforms that were announced at the Budget last year, and...
Will the Minister give way?
Will the Minister give way?
I happily give way—I look forward to it.
I happily give way—I look forward to it.
The Minister will know that for the vast majority of employees in Scotland, the increase in the national living wage is redundant, because it is less than the Scottish living wage. He talks about the things that the Government increased in the Budget; was it their intention to increase unemployment...
The Minister will know that for the vast majority of employees in Scotland, the increase in the national living wage is redundant, because it is less than the Scottish living wage. He talks about the things that the Government increased in the Budget; was it their intention to increase unemployment...
This Budget will lift thousands of children in Scotland out of poverty, because of decisions that we have made. This Government have made £10 billion more spending available to the Scottish Government, yet we still see public services failing up and down Scotland; the NHS is not working as well...
This Budget will lift thousands of children in Scotland out of poverty, because of decisions that we have made. This Government have made £10 billion more spending available to the Scottish Government, yet we still see public services failing up and down Scotland; the NHS is not working as well...
The Minister is making an excellent series of points, and I commend him on behalf of 4,000 vulnerable children in Reading for the fantastic support he is offering them and their families. It is much deserved and appreciated by our community. I point out other significant benefits, such as the...
The Minister is making an excellent series of points, and I commend him on behalf of 4,000 vulnerable children in Reading for the fantastic support he is offering them and their families. It is much deserved and appreciated by our community. I point out other significant benefits, such as the...
I thank my hon. Friend for his intervention—the first from a Labour Member. I look forward to many more from Labour hon. Friends, as well as Opposition Members. This Government have also chosen to cut Government borrowing every year, so that interest rates, already cut five times since the election,...
I thank my hon. Friend for his intervention—the first from a Labour Member. I look forward to many more from Labour hon. Friends, as well as Opposition Members. This Government have also chosen to cut Government borrowing every year, so that interest rates, already cut five times since the election,...